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Sprouts Farmers Market Posts Double-digit Sales Gains

Performance buoyed by 4.8% increase in comps

Sprouts Farmers Market Inc. posted $857.5 million in net sales for its fiscal first quarter ended March 29, 2015, a 19 percent increase from the same period last year.

The company said its robust growth was driven by strong performance of new stores as well as 4.8 percent gains in comparable-store sales.

"Sprouts continues to be well positioned for today's growing number of health conscious consumers who are looking to eat healthier at affordable prices," said President/CEO Doug Sanders, adding that in Q1 "top-line sales growth remained strong … despite a difficult produce season, resulting in 32 consecutive quarters of positive comparable store sales growth."

Sprouts said its gross profit increased 15 percent to $257.8 million in Q1; net income was $37.5 million, or diluted earnings per share of $0.24, up $3.7 million from the year-ago.

In terms of growth in Q1, Sprouts opened 10 new stores, one each in Arizona, Georgia, Missouri and Utah; and two each in Alabama, California and Texas.

Five additional stores have been opened in Q2 to date, bringing 2015 new store openings to 15, for a total of 205 stores in 12 states. The company expects to open 27 stores in 2015.

"We remain excited about our new opportunities in 2015, including innovation in our private label, the ongoing testing of our new deli offerings, sales initiatives, and the opening of 27 new stores which includes our expansion into three new states," Sanders added. "These and other strategic investments in the business have already made a positive impact, paving the way for our future growth."